Gold, Silver Prices Down on Week; US Bullion Coin Sales Sturdy

Gold and silver prices ended lower this week as each trimmed 0.4%. The precious metals were pressured as investors worried about U.S. fiscal cliff negotiations.

February gold futures marked a second day of modest gains Friday by increasing $3.70, or 0.2%, to $1,751.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Fiscal cliff headlines have preoccupied gold and other markets lately, but next week participants will have a slight reprieve from Washington politicking as the focus for market watchers will be the December meeting of the Federal Reserve’s Federal Open Market Committee on Tuesday and Wednesday," writes Debbie Carlson of Kitco News.

"Expectations are that the Fed will announce new stimulus measures, but how it goes about it will determine the impact on the gold market, analysts said."

March silver prices advanced on the final day of the week also, up a modest 1.7 cents to $33.13 an ounce.

In PGM prices Friday:

March palladium prices added $0.95, or 0.1%, to $698 an ounce

January platinum prices added $6.30, or 0.4%, to $1,607 an ounce

The two metals were alone with their advances this week. Platinum sneaked up 0.2% while palladium rallied 1.4%.

New York bullion prices on a daily and weekly basis are listed below.

New York Futures – Bullion Prices

Mon

Tue

Wed

Thurs

Fri

Weekly Change
($/%)

Gold Prices

$1,721.10

$1,695.80

$1,693.80

$1,701.80

$1,705.50

-$7.20
-0.4%

Silver Prices

$33.76

$32.81

$32.96

$33.11

$33.13

-$0.15
-0.4%

Platinum Prices

$1,613.80

$1,582.90

$1,584.20

$1,600.70

$1,607.00

$2.40
0.2%

Palladium Prices

$691.25

$682.70

$687.45

$697.05

$698.00

$9.80
1.4%

United States Mint Bullion Coin Sales

The United States Mint registered a solid week of sales for its bullion products compared to many past weeks in 2012. Week-over-week sales were lower for the gold coins — but last week was almost the best time of the year for them. Demand improved greatly for the American Eagle silver coins. Weekly sales were:

26,500 ounces of American Eagle gold coins against the prior week’s 69,500 ounces

4,000 ounces of American Buffalo gold coins versus the 6,500 ounces from last week

903,000 American Eagle silver coins compared to last week’s 500,000

10,000 ounces of America the Beautiful 5 oz Silver Bullion Coins against the 22,500 ounces from last week

United States Mint bullion products are listed below. The columns provide their sales by day this week, for the month-to-date and for the year-to-date.

United States Mint 2012 Bullion Coin Sales

Mon

Tue

Wed

Thurs

Fri

December

2012 Sales

1 oz American Eagle Gold Bullion Coins

0

7,000

11,500

4,000

2,000

24,500

618,500

1/2 oz American Eagle Gold Bullion Coins

0

1,000

0

1,000

0

2,000

70,000

1/4 oz American Eagle Gold Bullion Coins

0

2,000

0

0

2,000

4,000

74,000

1/10 oz American Eagle Gold Bullion Coins

0

0

0

0

0

0

315,000

1 oz American Buffalo Gold Bullion Coins

0

2,000

500

1,000

500

4,000

128,000

5 oz America the Beautiful Silver Bullion Coins

0

2,000

0

0

0

2,000

118,100

1 oz American Eagle Silver Bullion Coins

0

700,000

28,000

25,000

150,000

903,000

33,010,500

Notes: Bullion coin sales above are in the number of coins sold, not the amount of ounces sold.

In other coinage news this week affecting the United States Mint, read articles about:

The first article relays details about the Mark Twain Commemorative Coin Act which passed Congress and President Obama signed into law on Tuesday. The Act instructs the United States Mint to produce Mark Twain gold and silver commemorative coins for sale in calendar year 2016. The coins are to feature designs that emblematic of the "life and legacy" of author and humorist Mark Twain.

The second article talks about the sell out of the 2011-P Gettysburg National Military Park 5 Oz Silver Uncirculated Coin. The was the first America the Beautiful silver coin issued in 2011, and the sixth overall. The latest available sales data shows that buyers purchased 24,572.

Bullion Prices in London

Bullion prices in London were all higher Friday but only palladium was up for the week. Below are daily London fixings and the change in prices from last Friday.